PECO: Residential Rates to Increase 4 Percent in Fourth Quarter
Small business customers will see an increase of approximately 4.5 percent, while rates for large businesses will drop by about 3 percent.
If you haven’t shopped around for an alternative electric supplier and are getting your electricity through PECO, your residential rates will increase by approximately 4 percent starting Oct. 1.
According to a PECO press release, the utility company filed its quarterly adjustment request with the Public Utilities Commission (PUC), and a change was approved.
“This change affects only the cost of the electricity used by customers not purchasing their electricity from a competitive supplier,” the news release states. “These charges are passed along directly to customers at exactly the price that PECO pays.”
Commodity prices, however, will change—hence, the 4 percent hike for residential customers using PECO as their supplier. The 4 percent bump will amount to approximately $3.60 more per month, according to the press release, and the increase will begin Oct. 1 and will bring the residential price to 11.14 cents per kilowatt hour.
The press release states that electricity commodity costs for business customers also fluctuate based on usage patterns. Rates for large businesses will drop in quarter four.
“For the fourth quarter, prices for small business customers not purchasing their electricity from a competitive supplier will increase about 4.5 percent and prices for large business customers not purchasing their electricity from a competitive supplier will decrease about 3 percent,” according to the PECO press release.
The release goes on to state that more than 344,000 PECO customers shopped around and currently get electricity from a competitive supplier rather than from PECO directly.
To learn more about competitive electric generation suppliers, visit www.papowerswitch.com. You can also find a comparison calculator on www.peco.com.
While customers can shop for electricity as a commodity, PECO continues to deliver electricity to the area. The delivery charge makes up approximately a third of an electric bill, according to the PECO press release. The rates PECO charges to deliver electricity have not changed.
Do you shop around for electricity rates? Tell us in the comments.